Crypto Price Analysis Apr-28: ETH, XRP, ADA, DOGE, SOL
This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Solana.
Ethereum is determined to not give up and has found good support at $1,800. Despite this show of force from buyers, ETH still lost 1.8% of its valuation this past week.
The current target and key resistance are at $2,000, which is a psychological level where the price was rejected in the past. Therefore, if buyers are successful in pushing this cryptocurrency higher, then they will likely face stiff resistance at that level
Looking ahead, Ethereum has managed to maintain its uptrend by making a higher high and a higher low. Market participants should only get concerned if the key support at $1,800 is lost. Unless that happens, ETH has a good chance to test the key resistance at $2,000.
Similar to ETH, XRP has successfully tested the support at 44 cents, and the price closed in green every daily candle since then. At the time of this post, the price is found at a similar level to last week. For this reason, buyers will have to show more strength to book a profit.
The key resistance is at 53 cents, and this cryptocurrency was rejected twice at this price level in March and April. Nevertheless, the more a level is tested, the more likely it is to break. Should buyers manage to bring the price back to this key level, then a breakout could take place.
Looking ahead, XRP remains bullish so long as the support at 44 cents holds. With the MACD curving up on the daily timeframe, it would seem that buyers are eager to see the price move higher.
Cardano managed to hold onto a price above 40 cents, despite the most recent correction that saw it test the support at 38 cents. This also allowed ADA to book a minor increase in the price of 1.4% this week.
The biggest challenge for ADA is to move above 40 cents which is the key resistance at this time. If the overall market remains bullish, then this cryptocurrency could explore higher levels.
Looking ahead, Cardano is found in an uptrend, and so far, buyers have the upper hand. As long as they can defend the support at 38 cents, the price has a good chance to move higher over time.
Dogecoin’s price action is a bit atypical because it is found in a flat trend. Despite the up-and-down spikes, DOGE still failed to have a clear breakthrough and enter an uptrend. The resistance at 11 cents continues to hold, and in the past week, the price fell by 4.4% to retest the key support at 7 cents.
The problem with this action is that any bullish momentum is quickly erased by bears.
Looking ahead, DOGE will not become interesting to buyers if every spike in price ends up retracing in full. This is a sign of weakness, and until the resistance at 11 cents turns into support, DOGE may continue to move sideways.
Solana shares a similar story with DOGE by failing to have a sustained breakout. The price only registered a modest 1% increase this past week and is found below the $22 resistance. Solana has been disappointed since late February by moving sideways within a large range.
The support at $20 has held well in the past, and now bulls and bears are fighting at the key resistance for dominance. Should the bulls win, then the $22 level will turn into support, and the next target will be found at $26.
Looking ahead, it is unlikely to see Solana above $26 any time soon since the volume shows a lack of interest. Therefore, a major breakout will not be possible until momentum shifts.
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